Nigeria: Banks Set to Implement New Policy on Inactive Savings Accounts

Nigerian deposit money banks (DMBs) have started informing customers about a new policy regarding inactive savings accounts, following a directive from the Central Bank of Nigeria (CBN). 

According to the new guidelines, savings accounts that remain unused for six months will be marked as inactive, and if inactivity continues for 12 months, the account will be classified as dormant.

The CBN's initiative aims to enhance transparency and provide a clearer picture of the banking status of Nigerians, both in urban and rural areas. 

Banks are urging customers to keep their accounts active to avoid reclassification.